"A monopolist refers to any firm that is large in size." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. A monopolist does not have to be large in size. Regardless of its size, a monopolist in a market is the single supplier of a good or service for which there is no close substitute.
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Which of the following is not a phase or turning point of the business cycle?
A) recession B) expansion C) shutdown D) trough
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
a. The domestic price of shoes would fall. b. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. c. The number of unemployed workers in the domestic shoe industry would decline. d. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.
____ refer to goods and services that are produced domestically and sold in another country
a. Imports b. Exports c. Intermediary goods d. Merit goods
For wages to be higher without sacrificing jobs, productivity must decrease.
Answer the following statement true (T) or false (F)